Board Matters

How a board revamp is quietly under way in ICICI Bank

The recent appointment of MD Mallya and the imminent retirement of MK Sharma give the board a distinct ‘government’ flavour. What does this mean for the future of the bank?
Chanda Kochhar, managing director and CEO, ICICI Bank (second from right) attends a Bankers' Conference at Mumbai in 2013; Dhiraj Singh/Bloomberg via Getty Images
Is the board of ICICI Bank slowly turning against its beleaguered CEO? It definitely seems so. But then, this is not the same board that stood firmly by her until a few weeks ago and cleared her name under an earlier enquiry into the Nupower Renewables matter.The board is beginning to wear a new look and is likely to a board member, who was privy to the functioning of the credit committee and critical operational matters of the bank. With the looming investigations, including by the CBI, the timely complaint could offer a cover for the whistle-blower from potential liabilities, the sources reason. That would be a reasonable thing to do given how quickly the board has changed colour.
Is the board of ICICI Bank slowly turning against its beleaguered CEO? It definitely seems so. But then, this is not the same board that stood firmly by her until a few weeks ago and cleared her name under an earlier enquiry into the Nupower Renewables matter.The board is beginning to wear a new look and is likely to a board member, who was privy to the functioning of the credit committee and critical operational matters of the bank. With the looming investigations, including by the CBI, the timely complaint could offer a cover for the whistle-blower from potential liabilities, the sources reason. That would be a reasonable thing to do given how quickly the board has changed colour.

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